The founder and CEO of Curve, Michael Egorov, currently controls 71% of the voting power of the decentralized exchange’s governance, after what seemed to be an attempt to counteract the 50%+ voting power of the yEarn protocol.

The Central Bank of The Bahamas has revealed in a financial statement that its digital currency, the Sand Dollar, has already been included in its balance sheet. In its annual report, the central bank revealed $48,000 worth of the cryptocurrency were put into circulation.

Decentralized exchange Uniswap has overtaken Tether’s USDT stablecoin as the largest gas spender on the Etheruem network as the decentralized finance space’s popularity keeps growing.

Top stories in the Crypto Roundup today:

• Curve founder Now Controls 71% of Protocol’s Voting Power
• Central Bank of The Bahamas Added Its Digital Currency to Its Balance Sheet in April
• Uniswap Overtakes Tether as Ethereum’s Largest Gas Spender

At the time of writing, bitcoin (BTC) is trading at $11,771.26 (1.70%) with a daily Top Tier volume of $2.41 bn. As for ether (ETH), it is trading at $399.19 (2.53%) with a daily Top Tier volume of $1.23 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,578.58 (1.86%).

Curve founder Now Controls 71% of Protocol’s Voting Power

The founder and CEO of Curve, Michael Egorov, currently controls 71% of the voting power of the decentralized exchange’s governance, after what seemed to be an attempt to counteract the 50%+ voting power of the yEarn protocol.

Egorov, per his own words, “over-reacted” and locked up more CRV that he needed to, significantly shifting the voting power in his favor. On Curve, to vote on proposals CRV token holders must lock up their tokens, getting veCRV in return. veCRV represents the voting power on Curve. Users can lock up tokens for different periods, with longer periods corresponding to more voting power.

On Twitter Andre Cronje, the founder of yEarn, noted that since the founder has 71% of the voting power and a co-founder has an additional 8.7%, voting is “pointless now,” as only 30% of the votes are necessary to reach a quorum.

The Curve team is encouraging token holders to lock up their CRV tokens to bring balance back. Only 6.7% of the total circulating supply of CRV tokens is being locked for voting.

Central Bank of the Bahamas Added Its Digital Currency to Its Balance Sheet in April

The Central Bank of The Bahamas has revealed in a financial statement that its digital currency, the Sand Dollar, has already been included in its balance sheet. In its annual report, the central bank revealed $48,000 worth of the cryptocurrency were put into circulation.

The document added:

"The Bank made a pilot testing of the Sand Dollar in Exuma and has issued Sand Dollars in circulation valued at $48,000 to various retailers."

The Sand Dollar is a digital currency intended to help modernize The Bahamas’ financial system and digitize the local Bahamian dollar. It’s expected to go live in the last quarter of this year. The central bank digital currency is expected to help suppress economic costs associated with cash usage, and benefit the government through improved expenditure and tax administration systems.

As the central bank’s pilot in Exuma runs, the financial organization is expected to promote the development of regulations for the Sand Dollar and strengthen consumer protections around it.

Uniswap Overtakes Tether as Ethereum’s Largest Gas Spender

Decentralized exchange Uniswap has overtaken Tether’s USDT stablecoin as the largest gas spender on the Etheruem network as the decentralized finance space’s popularity keeps growing.

According to ETHGasStation data, Uniswap surpassed Tether late last week generating $6.99 million worth of gas consumption over the last 30 days, compared to USDT’s $6.39 million.

Uniswap operates as a decentralized cryptocurrency exchanges that leverage automated market makers (AMM) and liquidity pools, as opposed to the order books used by centralized trading platforms. Users are charged a 0.3% fee for executing a trade, which is divided among liquidity providers.

Uniswap has reportedly accounted for 55.4% of all DEX trading volumes over the last seven days, with Curve coming in second at 16.4%. Uniswap reportedly had 70,000 unique traders over that period, compared to the 4,600 of previous leader IDEX.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.